The restructuring of institutional and property company portfolios has translated into a series of City deals.
Scottish Widows has sold 135-7 Aldersgate Street, above Barbican Tube, and 37-39 St Andrews Street, EC4 to Sun Life for £7.8m. Aldersgate Street is let to Amdahl at £700,000 pa until 2002, while St Andrews Street is let to Sarasin at £200,000 pa. Both buildings were part of the Hill Samuel portfolio.
MEPC has sold 63 Queen Victoria Street to RREEF for £16.5m at a yield of 6.5%. The 3,902m2 (42,000 sq ft) building is multi-tenanted with leases expiring in 2002 and 2003. BH2 advised MEPC, Wright Oliphant acted for RREEF.
Also, Nippon Life has sold 24 King William Street to Axa for £24m, having bought it in 1989 for £44m. It is let to Dresdner Kleinwort Benson until 2013 at a current rent of £2.2m pa. BH2 advised Axa, Insignia Richard Ellis acted for Nippon Life.
